Young waived his no-trade clause and the Phils sent relievers Josh Lindblom and Lisalverto Bonilla to Texas Sunday. The Rangers will reportedly pay $10 million of Young's $16 million salary next season.

"Michael brings a lot to our team, not just on the field, but off it as well," GM Ruben Amaro, Jr said. "He has been one of the premiere hitters in the American League for a decade and is someone who has a tremendous presence in the clubhouse. We couldn't be happier that he has accepted the assignment to come to the Phillies."

Young posted career-worst numbers in 2012 -- he batted .277 with 27 doubles and 67 RBIs in 156 games -- while serving primarily as the Rangers' designated hitter. In 2011, he batted .338 and led the American League in hits.

The 36-year-old can play multiple infield positions, but the Phillies want him to be the everyday starter at third base. Young won a Gold Glove, playing at shortstop, back in 2008. Young is a seven-time All-Star with six 200-hit seasons on his resume.